Won't you need to report the interest earned as part of your taxable income?

Yes, they will. But note "a bit of tax deferral too"

On a HISA interest earned in Nov/Dec will appear on the 2018 T5 slip with tax payable in Apr19. With this GIC that interest won't appear until the 2019 T5 and tax won't be payable until Apr20. So there's 2 months of interest that can be deferred for one year.

On a HISA interest earned in Nov/Dec will appear on the 2018 T5 slip with tax payable in Apr19. With this GIC that interest won't appear until the 2019 T5 and tax won't be payable until Apr20. So there's 2 months of interest that can be deferred for one year.

Why the HISA t5 when this promo can be put towards a tfsa unless your maxed out ?

Why the HISA t5 when this promo can be put towards a tfsa unless your maxed out ?

Who said anything about TFSAs? Income earned inside TFSAs isn't taxable so this issue is moot. However interest earned in "open", i.e. taxable, accounts is taxable. Deferring when that tax is payable is a benefit for most people most of the time.

I don't have a Simplii account. I remember last year when they first started, the signup procedure was convoluted (identity verification at the post office or some such nonsense, etc). Has anyone signed up recently? Is it still a hassle? Also, I remember there was an issue with void cheques that made it impossible to link to Tangerine or EQ. Is that still the case?

I was waiting for Simplii to send email confirmation of interest rate, and instead they sent me the promotional email to sign up again...so in summary i ended up signing up through logging into online banking, on the phone, and through email...haha..still no rate confirmation email.

I was waiting for Simplii to send email confirmation of interest rate, and instead they sent me the promotional email to sign up again...so in summary i ended up signing up through logging into online banking, on the phone, and through email...haha..still no rate confirmation email.

Same here. I am not expecting anything since it has been so long. There will be hell to pay if they fail to deliver in March. I think a lot of customers will be getting their torch and pitchfork out of the closet.

Same here. I am not expecting anything since it has been so long. There will be hell to pay if they fail to deliver in March. I think a lot of customers will be getting their torch and pitchfork out of the closet.

FWIW they've never sent out confirmations in the past yet people generally got their bonuses at the end of the promo period.

There have been the odd complaints on RFD from people who didn't so it's possible for Simplii to drop the ball. That's why I always make a record of when I registered for the promo, how I did it, who I spoke with (if via phone call), screen shot of confirmation (if online), etc.